A 1940s paint factory across Interstate 10 from the Heights is being refashioned into a home for artists' studios, boutique work spaces and perhaps a restaurant.

A partnership acquired the building last year from David Adickes, the local artist known for creating giant concrete heads of presidents and other famous personages. Adickes still leases space in the property at 2500 Summer.

The building has been designated by the city as a landmark. Phil Arnett, the majority partner, said at least half of the space will be leased to artists. The third floor may be used for a restaurant and "creative work spaces."

The industrial look of the building will remain.

"It has neat views of downtown, and it will have some stunning windows when we get it cleaned up," Arnett said.

"The paradigm has changed," said Steve Jaggard, president and CEO. "The day of the private developer putting up his own money and guaranteeing loans is pretty much over."

When Jaggard got into the business several decades ago, there wasn't all the institutional capital from groups like real estate investment trusts and pension funds that there is today.

"There's just no shortage of money out there now," he said.

Vantex, or its predecessor, has developed more than 5 million square feet of warehouse/distribution space in the Houston, San Antonio and Austin markets over the past 10 years. The business was formerly part of the Dallas-based Vantage Cos.

End near for complex?

A 52-year-old apartment complex near the University of St. Thomas has been purchased by a Dallas-based real estate investment firm and could be headed for the wrecking ball.

Harris County property records show the complex at 1301 Richmond changed ownership in July. Behringer Harvard acquired it from Andover Richmond Apartments, which had owned it since 1994.

The CoStar Group, a real estate data firm that recently reported the sale, said the 124-unit property was acquired for $11.2 million and that there are plans to redevelop the site into a new multifamily complex to open in late 2014.

Behringer Harvard, which declined to comment, has recently announced other multi-family projects.

In August, the company said it had purchased a multifamily development site in Victory Park on the west side of downtown Dallas and that it's building another apartment development in Delray Beach, Fla.